This is an archive article published on December 15, 2022

Gold Silver Rate Today: Gold and silver prices fall on weak global cues after Fed hikes interest rate

Gold and Silver Rate Today, December 15, 2022: Pure gold 999 opened at Rs 54,046 per 10 grams, down Rs 340 from Wednesday’s closing price of Rs 54,386, while that of 999 purity silver was Rs 66,846 per kg, falling Rs 796 from Rs 67,642. Read below to find out bullion prices.

Gold Rate, Silver Price, Gold Silver Rate

Silver Rate Today, Gold Rate Today: A gold bar is displayed at the Prioksky Non-Ferrous Metals Plant in Kasimov, Russia. (REUTERS/File Photo)

By: Express Web Desk

3 min readNew DelhiDec 15, 2022 03:29 PM IST First published on: Dec 15, 2022 at 02:56 PM IST

Gold and Silver Price in India Today: Prices of gold and silver opened lower in the key spot market on Thursday, December 15 tracking weakness in the global market where the bullion rates fell after the US Federal Reserve hiked its policy rate to the 4.25-4.50 per cent range and Fed Chair Jerome Powell said more rate hikes would be delivered by the central bank next year.

The opening price for 999 purity gold was Rs 54,046 per 10 grams, down Rs 340 from Wednesday’s closing price of Rs 54,386, while that of 999 purity silver was Rs 66,846 per kg, down Rs 796 from Rs 67,642, the data available on India Bullion and Jewellers Association’s (IBJA) website showed.

On the Multi Commodity Exchange of India (MCX), the gold contract for February delivery was trading at Rs 54,040.00 per 10 grams, down Rs 634.00 (1.16 per cent) at 2:21 pm while the silver contract for March delivery was at Rs 67,718.00, down Rs 1,584.00 (2.29 per cent).

Bullion	Purity	Opening price (Rs)	Previous close (Rs)
Gold	999	54,046	54,386
	995	53,830	54,169
	916	49,506	49,817
	750	40,534	40,789
	585	31,616	31,815
Silver	999	66,846	67,642
Source: India Bullion and Jewellers Association (IBJA)

In the global market, spot gold slipped 0.9 per cent to $1,791.71 per ounce, as of 0724 GMT, retreating further from a more than five-month high scaled on Tuesday. US gold futures were down 0.9 per cent at $1,802.10, according to Reuters data.

Commenting on the bullion market, Navneet Damani, Senior VP – Commodity Research at Motilal Oswal Financial Services said, “Fed as per expectations raised rates by 50 bps bringing the fed fund rate to 475-500 bps, highest level since 2007. The fed continue to show concerns regarding inflation and mentioned that the fight against inflation is not over yet. Fed projects higher core inflation than previous estimate, which means even with a slower pace the US central bank will continue to raise rates till inflation is around their target of 2 per cent. The headline inflation number has been falling since the last two readings; however there are still pain points, hence a continuous fall in inflation is required for any change in stance from the Fed. The ECB is set to raise interest rates for a fourth straight time, albeit probably by a smaller increment, and lay out plans to drain cash from the financial system as it fights runaway inflation. Along with ECB, BOE policy meeting is also scheduled later in the day. Volatility could be a bit higher today as in addition to the central bank policy statements, focus will also be on the US Retails Sales and IIP data. Broader trend on COMEX could be in the range of $1,770-1,810 and on domestic front prices could hover in the range of Rs 54,000-54,800 could be expected.”